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How Cohen & Steers (CNS) makes money
Cohen & Steers (CNS) made $157M of revenue in the third quarter 2026 (Q3 2026), +11% from a year earlier. Open-end funds brought in $92.5M (59%); Institutional brought in $36.6M (23%); Closed-end funds brought in $28.3M (18%). Of every dollar of revenue, 32¢ was left as operating profit, 27¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Open-end funds | $92.5M | 58.8% | — | +12% |
| Institutional | $36.6M | 23.2% | — | +10% |
| Closed-end funds | $28.3M | 18.0% | — | +8% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $157M | 100.0% |
| Operating profit | $51.1M | 32.4% |
| Income tax | $15.2M | 9.6% |
| Net earnings | $42.2M | 26.8% |
| Operating cash flow | $20.9M | 13.2% |
| Free cash flow | $20.0M | 12.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $157M | +11% |
| Q2 2026 | $153M | +12% |
| Q1 2026 | $146M | +8% |
| Q4 2025 | $144M | +3% |
| Q3 2025 | $142M | +6% |
| Q2 2025 | $136M | +12% |
| Q1 2025 | $134M | +10% |
From Cohen & Steers' 10-Q filed Oct 30, 2026 (on EDGAR).
Questions
How does Cohen & Steers make money?
Cohen & Steers (CNS) made $157M of revenue in the third quarter 2026 (Q3 2026), +11% from a year earlier. Open-end funds brought in $92.5M (59%); Institutional brought in $36.6M (23%); Closed-end funds brought in $28.3M (18%). Of every dollar of revenue, 32¢ was left as operating profit, 27¢ was left as net earnings.
What is Cohen & Steers' biggest business?
Open-end funds: $92.5M in the third quarter 2026, 59% of revenue, +12% from a year earlier.
What is Cohen & Steers' profit margin?
Net earnings were $42.2M, 26.8% of revenue, in the third quarter 2026; the operating margin was 32.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.